Rizal Commercial Banking Corporation (RCBC) reported an unaudited net income of P2.2 billion in the first three months of 2024. This was on the back of a solid increase in revenues from core businesses to P11.6 billion as net interest income went up by 32 percent and fees by 44 percent.
Total assets reached P1.23 trillion as of March 31, 2024, up by 7 percent boosted by the 13 percent jump in earning assets. This was mostly driven by the loan expansion, especially in the consumer segment. Backed by data-driven acquisition and cross-sell campaigns to manage portfolio quality, credit card remains as the Bank’s fastest-growing segment which soared by 55 percent, outperforming industry’s 30 percent. Similarly, credit card billings closed 42 percent higher versus industry’s 17 percent. Meanwhile, personal and salary loans more than doubled from last year as the Bank continues to enhance customer experience across its platforms.
Deposits sustained their momentum and closed 12 percent higher at P959 billion. CASA deposits climbed 13 percent amid stronger push for various cash management initiatives, coupled with client acquisition programs.
“We continue to reap the benefits of the bank’s continued digital transformation across the organization” RCBC President and CEO Eugene S. Acevedo said. “From AI and data-driven campaigns to streamlined processes via robotic process automation, we commit to exploring new and exciting ways we can bring customer experience to the next level,” he added.
The Bank’s capital ratios remained well above regulatory requirements — CAR of 16.27 percent and CET1 of 13.71 percent despite asset growth.
